Please note that the information presented and discussed today includes forward-looking statements made under the Safe Harbor Provision of The Private Securities Litigation Reform Act of 1995. Our actual results in future periods may differ materially and you should not attribute undue certainties to our forward-looking statements. Risk and uncertainties that could cause our actual results to differ from those expressed or implied by forward-looking statements, including those set forth in the Risk Factors section of the annual report on Form 10-K we filed on March 21, 2012.
In addition, our comments may contain certain non-GAAP financial measures including non-GAAP operating loss per share. For additional information, including reconciliation from GAAP results to non-GAAP measures, how the non-GAAP measures provides useful information and why we use non-GAAP measures, please see the Reconciliation section of our press release, which appears on our corporate website.
Now, I’ll turn the call over to our President and CEO, Scott Koller. Scott?
Scott KollerThank you, Erin. Good afternoon, everyone, and thank you for joining us on today’s call to discuss our first quarter 2012 results. Our performance in Q1 reflects our continued focus on driving and recurring revenue growth, margin expansion and expense reduction. The first quarter marked the highest quarterly recurring revenue in our company’s history and second highest gross margin quarter driven by higher margin software services and hosting fees. I’ll talk more about our operational highlights and business outlook in a few minutes. But now I’d like to turn it over to our CFO Darin McAreavey to walk you through the financial results for the period. Darin? Darin McAreavey Thanks Scott and good afternoon everyone. Revenue in the first quarter of 2012 increased 16% sequentially to $1.8 million from the prior quarter and decreased 26% from the same year ago period. The year-over-year decrease resulted primarily from low orders of the iShowroom branded tower location received from individual Fiat dealerships partially offset by increased development from constant [ph] [00:01:51] orders in Chrysler.